merit medical systems inc (MMSI) Key Developments

Merit Medical Systems, Inc. Announces Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Earnings Guidance for the Full Year Ending December 31, 2015

Feb 24 15

Merit Medical Systems, Inc. announced unaudited earnings results for the fourth quarter and full year ended December 31, 2014. Revenues of $132.8 million for the quarter ended December 31, 2014, an increase of 11% over revenues of $120.0 million for the quarter ended December 31, 2013. For the quarter, the company reported income from operations was $14,217,000 compared with $10,916,000 for the same period a year ago. Income before tax was $12,351,000 compared with $8,182,000 for the same period a year ago. Net income was $8,671,000 or $0.20 per basic and diluted share compared with $6,540,000 or $0.15 per basic and diluted share for the same period a year ago. Non-GAAP net income was $11,267,000 or $0.26 per share compared with $9,381,000 or $0.22 per share for the same period a year ago.
Revenues for the year ended December 31, 2014 were a record $509.7 million, an increase of 14% over revenues of $449.0 million for the year ended December 31, 2013. Revenues from Merit's core business grew 11% and 12% for the quarter and year ended December 31, 2014, respectively, compared to the corresponding periods of 2013.
For the year, the company reported income from operations was $40,166,000 compared with $27,844,000 for the same period a year ago. Income before tax was $31,572,000 compared with $19,839,000 for the same period a year ago. Net income was $22,974,000 or $0.53 per basic and diluted share compared with $16,570,000 or $0.39 per basic and diluted share for the same period a year ago. Non-GAAP net income was $33,758,000 or $0.78 per share compared with $30,436,000 or $0.71 per share for the same period a year ago.
The company provided earnings guidance for the full year ending December 31, 2015. The company estimates that for the year ending December 31, 2015, absent extraordinary transactions, Merit's revenues will be in the range of $535-$545 million, an increase of approximately 5-7%, compared to revenues of $509.7 million for the year ended December 31, 2014. This projected growth rate has been reduced by approximately 2.4% due to the estimated changes in foreign exchanges rates. Also, based on information currently available to Merit's management, Merit estimates that, absent non-recurring transactions, Merit's GAAP earnings per share for 2015 will be in the range of $0.63-$0.67 and non-GAAP earnings per share will be in the range of $0.85-$0.89.

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